SUDBURY, ONTARIO--(Marketwired - March 6, 2017) - Northern Superior Resources Inc. ("Northern Superior" or the "Company") (TSX VENTURE:SUP) is pleased to announce that it has completed the final closing (the "Final Closing") of its $4.5M non-brokered unit and flow-through share private placement announced on February 13, 2017 (the "Offering"). The Offering was fully subscribed.
In connection with the Final Closing, the Company issued 19,810,000 additional units ("Units") at CDN$0.05 per Unit and 7,499,999 additional flow through shares ("FT Shares") at CDN$0.055 per FT Share to investors, for gross proceeds of CDN$1,403,000. Each Unit sold in connection with the Final Closing consists of one (1) common share of the Company and one (1) non-transferable share purchase warrant of the Company (each, a "Warrant"), exercisable at a price of $0.075 per share for a period of two (2) years from the date of the Final Closing.
Cash commissions in the aggregate amount of $54,150 (before applicable taxes) are payable in connection with the Second Closing to each of Medalist Capital Ltd. (as to $25,000). PI Financial Corp. (as to $7,500), IA Securities Inc. (as to $18,650), and Red Cloud Klondike Strike Inc. (as to $3,000).
The common shares forming part of the Units, the flow-through shares, the Warrants and any common shares issued upon exercise of the warrants issued in connection with the Final Closing of the Offering are subject to a hold period under applicable securities laws, which hold period expires on July 7th, 2017. The Offering received conditional acceptance from the TSX Venture Exchange on February 15, 2017.
About Northern Superior Resources Inc.
Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.